Analyst: Bitcoin's Risk of Interim Top Rises If It Fails to Break $66,000 Effectively

BlockBeats News, July 19th, Glassnode's Chief Research Analyst CryptoVizArt stated in a post that during Bitcoin's rebound from $57,000, a new round of chips transferred to new buyers in the $62,000 to $65,000 range, as shown by the Short-Term Holder Cost Basis Distribution Heatmap.

He believes this structure has dual implications. On the one hand, buyers actively absorbed chips during the uptrend, potentially forming a new cost base support, laying the groundwork for Bitcoin to further test the $66,000 level and above.

On the other hand, this round of chip accumulation is more concentrated towards the end of a local rebound. If Bitcoin fails to effectively break through $66,000, the market's risk of forming a phased top will increase. $66,000 is a short-term key level to assess the two scenarios above.